The Top 5 Decentralized Exchanges in 2025: Ranked and Reviewed

There are many benefits when deciding to start using one of the best decentralized exchanges for buying crypto. The usual method is to use a centralized exchange (CEX) – such as Coinbase – which offers the user ease of use.

However, a decentralized exchange (DEX) is more suitable for anyone who prioritizes better privacy and more control over their funds.

There are obviously many DEX options out there, so we’ve put together a guide of the 5 best-decentralized exchanges you should look at. We’ll also go over the pros and cons of using one and how you can go about doing just that.

Top DEXs You Should Know: Quick Overview

We’re going to go into a lot of detail about each one, but before we do, here’s a quick summary of why these 5 decentralized exchanges made it on our list:

1. Uniswap — Buy and Sell Crypto on Ethereum & 11 Other Chains.
2. ​​Raydium— Swap Crypto Cheaply on Solana With Access to Deep Liquidity.
3. Orca — Swap Between Orca and Solana.
4. KuCoin — Invest in 900+ Coins With 30M Global Investors.
5. Aerodrome — Buy and Sell Crypto on the BASE Blockchain.

The Top Decentralized Exchange Platforms Reviewed

Now that we’ve provided a brief overview let’s dive into the top decentralized exchanges (DEXs). We’ll compare their key features, liquidity, security, and much more to help you find the best platform for your trading needs. Whether you prioritize low fees, fast transactions, or a wide range of tokens, we’ve got you covered.

1. Uniswap – Buy and Sell Crypto On Ethereum & 11 Other Chains

Uniswap is a DEX for cryptocurrency and NFTs where an automated market maker (AMM) is used. This is a specialized algorithm that decides the price of a token depending on its total supply (or total liquidity).

It describes itself as ‘the largest on-chain marketplace with support for Ethereum and 11+ other chains’. To prove its credentials, it’s done over $2T in trading volume since 2018.

But the really great thing about Uniswap is its simplicity—you won’t have intimidating charts and tables.

Instead, you get a box where you can specify what you’re buying and selling. And while it naturally pushes its own Uniswap wallet, you can easily connect to your own preferred option. We tested it with Best Wallet, and it worked perfectly.

In terms of device compatibility, Uniswap has an iOS and Android app, as well as a Chrome extension. All are highly rated and free to download and use.

Uniswap supports 1,400+ cryptocurrencies – primarily ERC-20 tokens (that is, tokens that run on Ethereum blockchains).

The exchange isn’t the cheapest in terms of fees, but it does have a straightforward flat transaction fee of 0.3%. This is in stark contrast to some of the others on our list, such as KuCoin, which shows a large table of different fees depending on what trade you’re making.

When obtaining crypto on the Uniswap exchange, you can swap with your existing crypto balance. However, if you don’t have enough crypto to put through a transaction, you can buy more through a third party using cards or digital payment options.

In terms of security, Uniswap’s source code is open source, so anybody can inspect it for bugs and vulnerabilities. There’s also a bug bounty program for anyone who finds any potential issues in the system.

Besides this, Uniswap uses mathematical analysis to constantly check their smart contracts for inconsistencies. These are also rigorously audited by third-party firms such as ABDK Consulting

It is worth noting that trading options such as spot trading, futures trading, etc – aren’t available here. This is purely a “swapping” platform – where users can exchange tokens liberally.

Due to how the automated market maker works, price slippage is also a real possibility, as token prices can rapidly change. Therefore, you have to specify how much slippage you’re willing to accept.

Pros of Uniswap

• Ideal for beginners of DEXs
• Simple flat fee structure
• Works with all major wallets

Cons of Uniswap

• Increased risk of price slippage

Check out Uniswap

2. Raydium – Swap Crypto Cheaply On Solana With Access To Deep Liquidity

If Solana is your preferred platform to trade crypto, then take a look at Raydium. It was built on the Solana blockchain to handle all decentralized token transactions.

However, in contrast to Uniswap’s focus on ERC-20 tokens, Raydium instead puts all its resources on SPL (Solana Program Library) tokens instead.

With Solaxy powering the coming transition to Solana L2 – the new and improved Solana infrastructure – platforms like Raydium will only increase in popularity. It also integrates with Serum – another DEX on the Solana chain.

Raydium supports 3,200+ cryptocurrencies. From our research, Raydium has its own token – $RAY – and it also supports stablecoins, alt coins, and DeFi tokens.

But they must all conform with the SPL token standard for Raydium to be able to process it on the Solana blockchain. The standard transaction fee is, like Uniswap, 0.3%. However, if you contribute your funds to the liquidity pool, the fees can go as high as 4%.

As with Uniswap, Raydium constantly analyzes their smart contracts for anything suspicious (and has them audited by third-party security firms); plus, the source code is open source, and there are safeguards in place to stop smart contract vulnerabilities from being exploited.

Raydium accepts both fiat and a wide range of cryptocurrencies for payment. You must, however, use a wallet that supports Solana and SPL tokens (Phantom is one that’s highly recommended by Raydium.)

As well as being a swapping platform for SPL tokens, you can also earn passive income with Raydium by providing to the liquidity pool (yield farming) and staking.

Lastly, Raydium currently doesn’t offer mobile apps.

Pros of Raydium

• Crypto balances on other chains can be moved over via a multi-chain
• $RAY token holders get staking and governance rights

Cons of Raydium

• Runs on the Solana blockchain, which currently has infrastructure issues
• Increased risk of price slippage like most DEXs
• No smartphone app

Check out Raydium.io

3. Orca – Swap Between Orca and Solana

Orca is another DEX worth a serious look, as it also prioritizes a simple, clean interface. This makes it a great choice for DEX beginners, as that simplicity tries to make decentralized finance a less intimidating concept to get involved with.

It’s built on the Solana ecosystem and runs its own governance token – $ORCA. It’s also worth noting that Orca has two big features for liquidity providers, called whirlpools and aquafarms. We’ll discuss those shortly.

Orca mainly supports Solana Program Library (SPL) tokens, but overall, the exchange supports over 470 tokens, including some of the most popular ones like $RENDER, $TRUMP, and $WIF.

Orca’s fee structure depends on whether you’re a ‘maker’ or a ‘taker’. A taker is someone whose order is immediately processed, and they pay a taker’s fee. Whereas a ‘maker’ is one whose order is not immediately fulfilled.

A maker’s fee is cheaper – 0.0087% to 1.74% – while a taker’s fee is slightly more expensive – 0.01% to as high as 2%.

A maker’s order is usually not fulfilled because there isn’t enough liquidity in the market. So there is a slight delay in the order going through.

To pay the fees, Orca accepts all cryptocurrencies on the Solana blockchain, but you can also use a bridge to move crypto funds over from other blockchains (such as Ethereum). You can also use a third-party provider to buy crypto with fiat to complete Orca transactions.

Like the others on this list, Orca puts their smart contracts through constant rigorous scrutiny and third-party audits.

The open-source code is augmented with a bug bounty program to encourage those who find vulnerabilities to report them. There are also safety precautions to stop theft methods, such as reentrancy attacks.

This is a token-swapping platform primarily for SPL tokens. But you can also stake your funds and/or provide liquidity to earn passive income in either a ‘whirlpool’ or an ‘aqua farm.’

A whirlpool is their name for a concentrated liquidity pool. This puts all the liquidity funds at certain price points. On the other hand, an aqua farm is a yield farming option that provides liquidity and potentially higher returns.

Pros of Orca

• Aesthetically clean interface
• The $ORCA token offers governance and voting rights
• Opportunities to provide liquidity and earn passive income

Cons of Orca

• No smartphone apps

Check out Orca.so

4. KuCoin – Invest in 900+ Coins With 30 Million Global Investors

KuCoin is a decentralized crypto exchange that claims to have 30M+ users, covering 200+ countries, 900+ coins, and $2B in trading over the previous 24 hours.

With 30M+ investors buying and selling at any one time, you’ll always be likely to find a buyer or seller for your desired crypto.

KuCoin accepts different forms of payment, such as stablecoins ($USDT, for example), altcoins (Ethereum), and cards such as Visa and Mastercard. You can even pay by bank transfer.

The fees vary greatly, too, depending on the type and volume of trade you’re doing or if you’re using their $KCS tokens, for example.

The fees are also greatly reduced if you’re in their VIP program. You can see a full list of the fees on the official KuCoin website.

KuCoin operates both hot and cold wallets, so users can protect their funds against any attempted breaches. These wallets are heavily encrypted, and they complement their security by monitoring any suspicious anomalies in real-time.

After checking, we were unable to find any instances of breaches and anomalies, so that is a huge point in KuCoin’s favor.

However, saying that there was an incident that resulted in KuCoin being banned from operating in the US. Some compliance and licensing issues led the US Government to suspend KuCoin in the United States.

On the flip side, when hackers stole $150M from KuCoin in 2020, the platform covered all the losses and tightened up their security.

The platform is regularly audited with what they call Proof of Reserves. This is when a third party independently verifies that the exchange has enough liquidity to back all of the funds traded on the platform.

Finally, penetration tests are frequently carried out to test how secure the platform actually is.

In terms of trading, Kucoin supports a wide number of options, such as spot trading, margin trading, futures trading, and leveraged tokens. It’s also introducing options trading, which gives you the right to buy a coin at a set time and price.

There’s also a trading bot so investors can automate their trades. However, if you’re going to commit your funds to a bot, you must be sure you know what you’re doing.

Obviously, a lot of trading is done on the move, so smartphone apps are a must. The good news is that KuCoin has a free app for Android and iOS.

Pros of KuCoin

• 900+ cryptocurrencies to trade
• Advanced trading tools, such as a trading bot, great for traders and investors
• Reduced fees if you’re part of their VIP program

Cons of KuCoin

• Not an easy interface for beginners
• Not available in the United States for now

Check out KuCoin.

5. Aerodrome – Buy and Sell Crypto on the Base Blockchain

Last of all, Aerodrome is another DEX taking simplicity to the limit. Operating on the Base blockchain, it’s a simple case of connecting your wallet and making token swaps.

Aerodrome runs on Base, which is a layer-2 Ethereum platform. They’ve received a substantial investment from Coinbase and are known for low fees and fast transactions.

It, too, operates as an automated market maker and provides profits to its liquidity providers. Aerodrome also naturally has its own token – $AERO and veAERO (their governance token).

As you’d expect, the platform also prioritizes coins that were launched on the Base blockchain. But you can also get bridged wrapped currencies such as Bitcoin and Ethereum.

To find out which currencies Aerodrome supports, just go to the site, and start typing in the one you want.

The swap fees are dynamic and are based on market conditions. A portion of these fees are paid to liquidity providers and $veAERO token holders. It’s also important to note that veAERO token holders have the right to vote on fee increases in the future, so the fee of 0.02% might change later.

Aerodrome’s security protocols match the others. Smart contracts are monitored in real-time for possible bugs and vulnerabilities, and they’re audited.

The platform is also open-source, there are measures to stop attacks like reentrancy attacks, and the system is continually upgraded with patches and performance improvements.

Your wallet has to be ‘Base-compatible’, and you can fund it in different ways. You can move the funds from a CEX wallet directly inside a Base-compatible wallet or use a bridge to move the money from other blockchains.

So that’s all to say that Aerodrome doesn’t provide a third-party option to buy crypto or use fiat to buy crypto. The funds must be already inside your wallet.

As well as swapping tokens, you can also earn passive income from Aerodrome by providing liquidity. Buying veAERO tokens will give you a voice in the platform’s development.

Pros

• $AERO token holders receive $veAERO tokens which give governance rights
• Simple, easy-to-use interface
• Set your price slippage tolerance level
• A very cheap flat fee of 0.02%

Cons

• Crypto can’t be bought directly from the site
• No smartphone apps

Check out Aerodrome

The Best Decentralized Exchange Platforms Compared

We’ve covered a lot of information so far, so to make your life a bit easier, here’s each decentralized exchange with its features to compare them side-by-side:

What You Need to Know About Decentralized Exchanges

You now know what our top 5 choices are for decentralized exchanges. But you should still know the main advantages and disadvantages of using a DEX.

What Are The Main Benefits of a DEX?

First, the advantages of a DEX, which illustrate why you should use one.

Enhanced Security

Unlike a centralized exchange, the biggest advantage of a DEX is its enhanced security. Since a DEX isn’t housed on a central server, there’s no single server that can be hacked. Each user keeps complete control of their funds and private keys.

This is in contrast to CEXs that are on a central server owned by the entity in question (be it Coinbase, for example). The platform doesn’t allow the user to control their funds, and of course, wallets could potentially be hacked at any time.

Smart contracts are open source, too, allowing anyone to inspect them for any malicious code and security vulnerabilities.

Greater Transparency

Decentralized exchanges offer full operational transparency meaning everything is controlled by code and recorded on a blockchain.

This is in comparison to centralized exchanges, which are much less transparent.

They don’t reveal order books or be specific about their security protocols. They may also have complicated and vaguer fees, as well as confusion over how users can withdraw their money.

By comparison, DEXs make their processes, security features, and fees completely transparent and open.

Censorship Resistance

The problem with a CEX is that if a government or company wants to switch it off, they merely have to go to the source and ‘flip the switch.’ However, a DEX is spread across multiple international locations, so turning it off is virtually impossible.

This means a government or company cannot stop anyone from buying or selling cryptocurrency. The user also cannot be prevented from accessing their funds.

Financial Inclusion

Many people take banking for granted and can’t imagine life without it. However, there are many people who don’t have access to a bank, making a DEX one of their few alternatives.

With a DEX, underserved people and minorities don’t need to provide identification, undergo a credit check, or provide proof of their address. Something as simple as a phone and a data plan brings underserved people into the financial world.

More Choice of Currencies

You’re going to find a wider variety of tradable cryptocurrencies on a DEX. This is mostly because a CEX has strict guidelines before a coin can be listed.

A DEX is ‘permissionless’, so the entrance requirements for a new coin are far more relaxed. The fees for DEX listings are also lower, making it more attractive for smaller coin projects on a tight budget.

What Are The Main Disadvantages of a DEX?

To balance things out, we’ll now cover the disadvantages of a DEX.

Liquidity & Liquidity Pools

Liquidity can sometimes be a confusing issue for DEXs. Decentralized exchanges aren’t as widely used as CEXs, which means there aren’t as many users. Plus, its decentralized nature means liquidity is fragmented across multiple DEX platforms, leading to price variations.

When a DEX has low liquidity, it leads to what’s called ‘price slippage’, where you get a much lower price, or even higher price, than you anticipated. This is because lower liquidity means that large orders can impact the coin price more than a CEX that has more liquidity.

DEXs are increasing in popularity, so liquidity may not be a big problem in the long-term future. However, in the short term, this is something you should keep an eye on. You don’t want to unintentionally get less than you thought you would get.

Complexity

Using a DEX isn’t as easy. Just looking at one of the recommendations in this article may make you decide to stick to a CEX.

A CEX has an easier learning curve for new crypto investors. If you use Coinbase, for instance, logging into a new account shows you clearly what to do. Their smartphone apps also make it simple.

A DEX, on the other hand, is a rather more complicated affair and requires more research on how to use it.

Limited Order Types

When you buy or sell crypto, there are three common types of orders (or trades) available:

• A limit order — Set a specific price at which you want to buy or sell.
• A stop-loss order — One of your assets is automatically sold when it reaches a certain price point. This limits any potential losses.
• Market orders — These orders buy or sell at the current market price.

The setup of a DEX could make implementing some of these orders problematic. Delays can lead to potential losses, and trading could be hamstrung by a DEX’s inability to process order types that an investor may rely very heavily upon.

Smart Contract Vulnerabilities

DEX’s have many advantages but they also have some disadvantages. Smart contracts in a DEX are automatic and permanent, which means you can’t change the action if there is a mistake.

The contract relies on the programmer making sure the code is properly programmed, so any loopholes in the coding could result in contracts being executed in bad faith.

DEX Vs CEX: What Are The Main Differences?

A centralized exchange, such as Coinbase, holds your money and controls it. On the other hand, a decentralized exchange lets users keep hold of their funds, and transactions are done peer-to-peer (directly between users).

This makes DEX’s very difficult to shut down, as there’s no central point at which to ‘flip the switch.’ A DEX also has big privacy advantages since there’s no middleman needing your identity documents (unlike a centralized exchange).

However, a DEX lacks the speed and performance advantages of a CEX. Since DEXs process transactions on-chain, they take longer compared to CEXs, which handle transactions off-chain for faster execution.

A Guide to Picking the Best Decentralized Exchange

When picking a decentralized exchange, there are several important factors you should consider before making your final choice:

• Security and Control – Security on a DEX is much better than a CEX but nothing in life is perfect. Do your research and see if any of the DEXs have audits you can read (usually referred to as Proof of Reserves). Is the DEX open-source? Does it have a bug bounty program?
• Liquidity and Slippage – Liquidity is dependent on the number of users willing to buy the crypto you’re offering. Too little liquidity will result in price slippage. So how many users does each DEX claim to have?
• Fees and Network Costs – A DEX is often cheaper than a CEX due to its more simplified setup and lower overhead costs. But one can still be cheaper than another. Compare the prices.
• User Experience & Features – A DEX may look a bit more difficult to use. Therefore, closely look at the various features and decide which offers the best user experience. Some don’t offer mobile apps, so this is also something else to think about – would the browser version be enough?
• Reputation – At the end of the day, everything comes down to a DEX’s reputation. Check online user reviews to see what others have to say about the exchange.

These are factors that we considered when compiling the list of the best-decentralized exchanges. You should definitely do the same when choosing one.

How to Use a DEX Exchange

Now that you’re an expert in decentralized exchanges, we’ll show you how to use one to make a trade. We’ll use our favorite – Uniswap – to illustrate.

Step 1 – Set Up a Wallet

First, set up your wallet. The great thing about Uniswap is that it supports what’s easily one of the best crypto wallets, Best Wallet. So go ahead and set that up first.

Step 2 – Connect Your Wallet

Now we need to connect the wallet to Uniswap. Go to the official Uniswap website and click ‘Connect’ at the top right corner. Select your wallet. If it’s not there, choose WalletConnect to get a QR code for your own wallet.

Step 3 – Choose a Trading Pair

Now enter the amount of currency you want to buy/sell in the box provided. If you don’t have enough funds to cover the trade, you’ll be told. You’ll then have to buy crypto using fiat. Uniswap lets you do that through.

We should mention that some DEXs don’t let you buy crypto with fiat. In these instances, you would have to buy crypto from elsewhere and then transfer it to your wallet.

Step 4 – Review The Asset

Click ‘Review’ to make sure everything looks fine (and see if there’s any price slippage). If all looks good, click ‘Swap’ to put through the trade.

Wrapping Up: The Best Decentralized Exchanges

After analyzing the 5 best-decentralized exchanges, we would have to nominate Uniswap as the best one on the list. It’s simple and straightforward to use.

It has lower fees and is not as difficult to understand. And it doesn’t confuse you with complicated terms like ‘spot trading.’

Although we haven’t discussed specific cryptocurrencies in this article, the same rules apply when looking at crypto exchanges. Always do your research on each one before deciding where to commit your funds.

Look at the advantages and disadvantages and weigh up which one is best for you. Check their security protocols, their fees, and what currencies they support. We can only recommend options based on our analysis. You must do your own.

FAQs

1. Which decentralized exchange platform is best for newbies?

The best-decentralized exchange (DEX) for beginners has to be Uniswap. It has the advantage of having a simplified interface, making it easy for newbies to get started trading. The fee structure is very straightforward, and there’s a mobile app to trade on the go.

2. Are decentralized exchanges safe?

From a security perspective, decentralized exchanges are safer than centralized exchanges. Whereas a CEX is on one server, a DEX is spread around on various servers. From a financial viewpoint, your funds are also better protected due to you retaining control over your wallet, which is encrypted.

3. How is a DEX different from a centralized exchange?

The clue is in the name. A centralized exchange is controlled by a single entity, and the exchange holds your funds, which means they control them. A decentralized exchange, on the other hand, isn’t controlled by one company or person. Therefore, the funds are under your complete control, and there are fewer regulations that are supposed to promote privacy.

4. Do I need to complete KYC to use a DEX?

Know Your Customer (KYC) is usually not required for a decentralized exchange because there’s no central controlling authority requiring identity checks. A DEX is operated on a peer-to-peer network, which operates transactions between two different users. This is where the privacy advantages come into play. However, options like KuCoin do require identity verification.